Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s recent directive to allow the Central Bank of Nigeria (CBN) to oversee crude oil sales proceeds from the Nigerian National Petroleum Corporation Limited (NNPCL). Atiku argued that the CBN should not bear sole responsibility for this directive, suggesting collaboration with the Nigeria Extractive Industry Transparency Initiative (NEITI) to ensure transparency and accountability.
Tinubu had instructed the CBN on Monday to take charge of crude oil sales from NNPCL, with the oil corporation submitting receipts for vetting and documentation. Atiku, in a statement obtained by PUNCH Online, deemed this directive as “illegal” and claimed it undermines the operational independence of NNPCL.
Highlighting the Central Bank Act of 2007, Atiku pointed out that it does not grant the CBN the authority to vet transactions or manage internal controls and audits in state-owned enterprises. He urged the CBN to adhere to its core functions as stipulated by the law.
Atiku had previously questioned Tinubu in late January 2024 about the NNPCL’s $3.3 billion emergency crude repayment loan, secured in August 2023, aimed at supporting the naira and stabilizing the foreign exchange market.
Expressing concern about the lack of details surrounding the directive, Atiku argued that it is a violation of the legal status of NNPCL, criticizing the Tinubu-led administration for diverting control of the NNPCL’s finances to the Federal Ministry of Finance and the CBN.
CBN Governor Olayemi Cardoso disclosed that the NNPCL and the Ministry of Finance had agreed to remit all dollar revenues to the CBN to boost external reserves and foreign exchange flows.
Atiku labeled this move as “unprecedented” and lacking legal or ethical basis, emphasizing that the NNPCL, as per the Petroleum Industry Act of 2021, should operate independently. He urged the federal government to respect the law and allow NNPCL to function as an independent company, promoting transparency, accountability, and attracting investments in the petroleum industry. Atiku proposed NEITI and CBN’s involvement in overseeing the NNPCL’s bank accounts for crude sales proceeds to enhance transparency.
